Market Overview-
The global magnetic resonance imaging (MRI) equipment market is anticipated to gain momentum from the rising launch of technologically advanced products by reputed companies across the globe. These products are delivering high quality images and spatial resolution for faster detection of chronic diseases. This information is given by Fortune Business Insights™ in a recent report, titled, “Magnetic Resonance Imaging Equipment Market Size, Share & Industry Analysis, By Strength (Less than 1.5 T, 1.5 T, and More than 1.5 T), By Application (Musculoskeletal, Neurology, Cardiology, Body Imaging, and Others), By End User (Hospitals, Ambulatory Surgical Centres, and Diagnostic Centres), and Regional Forecast, 2019-2027.” The report further mentions that the MRI equipment market size was USD 7.24 billion in 2019 and is projected to reach USD 11.36 billion by 2027, exhibiting a CAGR of 6.2% during the forecast period.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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This Report Answers the Following Questions:
Which companies would generate the largest revenue in the coming years?
Which segment is likely to lead the market by holding the highest share?
What are the growth drivers, barriers, and trends in the market?
Which end user would create the maximum demand for MRI equipment in the coming years?
What are the vital strategies adopted by key companies to gain competitive edge?
Drivers & Restraints-
Rising Cases of Strokes & Cancer to Accelerate Growth
The rising incidence of various forms of cancer is the most crucial driver for the MRI equipment market growth. In 2018, the National Cancer Institute estimated that approximately 1,735,350 new cases of cancer will be diagnosed in the U.S. in that very year. Breast cancer, for instance, is the most prevalent type of cancer across the globe that can be smoothly detected and managed by utilizing MRI equipment. They also help in providing high quality images of areas that are specifically affected by strokes. As of January 2020, the Centres for Disease Control and Prevention (CDC) announced that in the U.S., around 795,000 people suffer from strokes every year. However, many developing nations are opting for refurbished MRI systems rather than purchasing new ones as they involve high cost spending. It may obstruct the market growth.
Quick Buy Magnetic Resonance Imaging Equipment Market
Segment-
1.5 T Segment to Lead Backed by Their Rising Demand Worldwide
Based on strength, the market is fragmented into more than 1.5 T, 1.5 T, and less than 1.5 T. Out of these, the 1.5 T segment generated 71.3% in terms of MRI equipment market share in 2019. It is set to lead the market in the near future. This growth is attributable to their increasing adoption worldwide. Apart from that, numerous reputed companies, such as Phillips, Siemens, and GE Healthcare possess enhanced product portfolios that are majorly focused on MRI systems of the strength of 1.5 T. They also have wide application areas.
Regional Analysis-
North America to Remain at the Forefront Owing to Rising Prevalence of Chronic Diseases
In terms of geography, North America procured USD 1.54 billion revenue in 2019 and is considered to be one of the largest markets. The region would lead in the forthcoming years owing to the presence of a large number of MRI equipment manufacturers, as well as the rising patient pool. Coupled with this, the ongoing advancements in diagnostics, increasing prevalence of chronic diseases, surging imaging procedural volume, and robust healthcare infrastructure would contribute to the growth.
Europe, on the other hand, is anticipated to remain in the second position fuelled by the rising adoption of technologically advanced MRI systems, strong healthcare expenditure, and high medical imaging procedures volume. Asia Pacific would grow significantly by exhibiting the highest CAGR stoked by the increasing cases of serious disorders and strong potential patient population base. In addition to that, the ever-increasing awareness programs to educate the masses regarding the availability of novel diagnostics would propel growth in this region.
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Competitive Landscape-
Key Players Aim to Gain Competitive Edge by Launching Unique Products
Several organizations present in the market are introducing state-of-the-art product ranges, such as SIGNA by GE Healthcare. These are available in the strengths of 3.0 T and 1.5 T. Some of the others are expanding their geographic presence by following the mergers and acquisitions strategy. Below are two of the latest industry developments:
November 2019: Koninklijke Philips N.V., a multinational conglomerate corporation headquartered in Netherlands, announced that its Blue Seal magnet will by launched in India in the beginning of 2020. It is mainly designed to simplify the installation process of MR, as well as reduce costly and lengthy disruptions in the services. The magnet requires only 7 litres of liquid helium and will deliver sustainable operations. This new technology will help the healthcare professionals in attending to every patient with more time and care.
September 2018: Philips unveiled its latest 1.5T MR named the Ingenia Ambition X. It is a fully-digitized MRI equipment that features a wide range of life cycle and maintenance services, as well as healthcare informatics for integrated solutions. It would provide a simpler, smarter, and faster path to ensure confident diagnosis. It would also help in removing the dependency on a commodity by enabling helium-free operations. Besides, it does not require a vent pipe.
Fortune Business Insights™ presents a list of all the MRI equipment manufacturers operating in the market. They are as follows:
General Electric Company (GE Healthcare)
Siemens Healthineers AG
Koninklijke Philips N.V.
Canon Medical Systems Corporation
Hitachi, Ltd.
Esaote SpA
Time Medical Holding
Shenzhen Anke Hi-tech Co., Ltd.
Shenzhen Basda Medical Apparatus Co., Ltd.
Fonar Corporation
Others
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Author’s Bio -
Name: Reeti Banerjee
Reeti Banerjee is currently working as a content writer in a prominent market research firm named Fortune Business Insights™. She specializes in writing articles, press releases, blogs, and news reports. She believes in maintaining simplicity throughout her content to provide the clients with a seamless reading experience.